ALTICE USA, INC., 10-Q filed on 4/28/2021
Quarterly Report
v3.21.1
Document and Entity Information - shares
3 Months Ended
Mar. 31, 2021
Apr. 19, 2021
Document and Entity Information [Abstract]    
Title of 12(b) Security Class A Common Stock, par value $0.01 per share  
Entity Interactive Data Current Yes  
Entity File Number 001-38126  
Document Transition Report false  
Document Type 10-Q  
Entity Central Index Key 0001702780  
Entity Registrant Name Altice USA, Inc.  
Document Fiscal Year Focus 2021  
Entity Filer Category Large Accelerated Filer  
Document Fiscal Period Focus FY  
Amendment Flag false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Period End Date Mar. 31, 2021  
Entity Common Stock, Shares Outstanding   459,814,587
Entity Current Reporting Status Yes  
Entity Small Business false  
Current Fiscal Year End Date --12-31  
Entity Tax Identification Number 38-3980194  
Entity Incorporation, State or Country Code DE  
Entity Address, Address Line One 1 Court Square West  
Entity Address, City or Town Long Island City,  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 11101  
City Area Code (516)  
Local Phone Number 803-2300  
Trading Symbol ATUS  
Security Exchange Name NYSE  
Document Quarterly Report true  
v3.21.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 220,571 $ 278,422
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $22,395 and $25,198) 376,155 442,581
Prepaid expenses and other current assets 221,819 200,252
Amounts due from affiliates 3,795 4,262
Derivative contracts 8,252 50,785
Total current assets 830,856 976,566
Property, plant and equipment, net of accumulated depreciation of $6,639,771 and $6,431,843 5,843,572 5,805,996
Right-of-use operating lease assets 234,358 241,342
Investment securities pledged as collateral   2,250,854
Derivative contracts 0 4,774
Other assets 92,137 87,429
Amortizable intangibles, net of accumulated amortization of $4,574,426 and $4,409,312 2,616,017 2,781,116
Indefinite-lived cable television franchises 13,068,017 13,068,017
Goodwill 8,160,566 8,160,566
Total assets 33,169,831 33,376,660
Current Liabilities:    
Accounts payable 879,032 795,576
Interest payable 233,968 252,060
Accrued employee related costs 104,220 142,116
Amounts due to affiliates 12,698 8,538
Deferred revenue 153,032 109,798
Debt 1,258,055 1,245,713
Other current liabilities 550,263 544,302
Total current liabilities 3,191,268 3,098,103
Other liabilities 172,766 192,563
Deferred tax liability 5,037,625 5,006,167
Liabilities under derivative contracts 472,402 523,150
Right-of-use operating lease liability 248,758 257,424
Long-term debt, net of current maturities 25,431,481 25,476,629
Total liabilities 34,554,300 34,554,036
Commitments and contingencies (Note 16)
Redeemable equity 3,104 25,763
Stockholders' Deficiency:    
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding 0 0
Paid-in capital 0 0
Accumulated deficit (1,185,610) (985,641)
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest (1,180,930) (980,810)
Treasury stock, at cost (6,066,251 and 6,629,415 Class A common shares at March 31, 2021 and December 31, 2020, respectively) 163,860 163,866
Accumulated other comprehensive income 10,621 3,646
Total Altice USA stockholders' deficiency (1,334,169) (1,141,030)
Noncontrolling interests (53,404) (62,109)
Total stockholders' deficiency (1,387,573) (1,203,139)
Total liabilities and stockholders' deficiency 33,169,831 33,376,660
Common Class A    
Stockholders' Deficiency:    
Common stock 2,822 2,972
Common Class B    
Stockholders' Deficiency:    
Common stock 1,858 1,859
Common Class C    
Stockholders' Deficiency:    
Common stock 0 0
CSC Holdings    
Current Assets:    
Cash and cash equivalents 220,214 277,938
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $22,395 and $25,198) 376,155 442,581
Prepaid expenses and other current assets 221,819 200,252
Amounts due from affiliates 3,795 4,262
Derivative contracts 8,252 50,785
Total current assets 830,499 976,082
Property, plant and equipment, net of accumulated depreciation of $6,639,771 and $6,431,843 5,843,572 5,805,996
Right-of-use operating lease assets 234,358 241,342
Investment securities pledged as collateral 2,324,308 2,250,854
Derivative contracts 0 4,774
Other assets 92,137 87,429
Amortizable intangibles, net of accumulated amortization of $4,574,426 and $4,409,312 2,616,017 2,781,116
Indefinite-lived cable television franchises 13,068,017 13,068,017
Goodwill 8,160,566 8,160,566
Total assets 33,169,474 33,376,176
Current Liabilities:    
Accounts payable 879,032 795,576
Interest payable 233,968 252,060
Accrued employee related costs 104,220 142,116
Amounts due to affiliates 12,698 8,538
Deferred revenue 153,032 109,798
Debt 1,258,055 1,245,713
Other current liabilities 530,853 543,834
Total current liabilities 3,171,858 3,097,635
Other liabilities 172,766 192,563
Deferred tax liability 5,065,438 5,033,980
Liabilities under derivative contracts 472,402 523,150
Right-of-use operating lease liability   257,424
Long-term debt, net of current maturities 25,431,481 25,476,629
Total liabilities 34,562,703 34,581,381
Redeemable equity 3,104 25,763
Stockholders' Deficiency:    
Accumulated other comprehensive income 10,621 3,646
Noncontrolling interests (53,404) (62,109)
Total liabilities and stockholders' deficiency $ 33,169,474 $ 33,376,176
v3.21.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2021
Dec. 31, 2020
Assets [Abstract]    
Property, plant and equipment, accumulated depreciation $ 6,639,771 $ 6,431,843
Amortizable intangible assets, accumulated amortization $ 4,574,426 4,409,312
Accounts receivable, trade allowance for doubtful accounts   $ 25,198
Stockholders' Deficiency:    
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) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Treasury Stock, Shares, Acquired 6,066,251 6,629,415
Common stock, shares outstanding (in shares) 461,977,407  
Common Class A    
Stockholders' Deficiency:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 4,000,000,000 4,000,000,000
Common stock, shares issued (in shares) 282,245,265 297,203,087
Common stock, shares outstanding (in shares) 276,179,014 290,573,672
Common Class B    
Stockholders' Deficiency:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,000,000,000 1,000,000,000
Common stock, shares outstanding (in shares) 185,798,393 185,895,903
Common Class C    
Stockholders' Deficiency:    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 4,000,000,000 4,000,000,000
Common stock, shares issued (in shares) 0 0
Common stock, shares outstanding (in shares) 0 0
v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenue (including revenue from affiliates of $3,406 and $3,488 respectively) (See Note 15) $ 2,478,821 $ 2,450,256
Operating expenses:    
Programming and other direct costs (including charges from affiliates of $2,228 and $2,189 respectively) (See Note 15) 851,864 864,514
Other operating expenses (including charges from affiliates of $3,179 and $3,941 respectively) (See Note 15) 580,433 582,309
Restructuring and other expense 3,209 7,294
Depreciation and amortization (including impairments) 434,857 547,569
Total operating expenses 1,870,363 2,001,686
Operating income 608,458 448,570
Other income (expense):    
Interest expense (316,339) (365,211)
Interest income 27 1,659
Gain (loss) on investments and sale of affiliate interests, net 73,453 (455,473)
Gain (loss) on derivative contracts related to change in the value of equity derivative contracts related to Comcast common stock (53,565) 439,861
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the 2020 period in connection with the early termination of the swap agreements discussed below 75,653 (54,832)
Other income, net 2,859 923
Total other income (expense) (217,912) (433,073)
Income before income taxes 390,546 15,497
Income Tax Expense (Benefit) (112,007) (17,035)
Net income (loss) 278,539 (1,538)
Net loss (income) attributable to noncontrolling interests (4,403) 680
Net income (loss) attributable to Altice USA, Inc. stockholders $ 274,136 $ (858)
Income (loss) per share:    
Basic income (loss) per share $ 0.58 $ 0
Basic weighted average common shares (in thousands) 469,233 621,414
Diluted income (loss) per share $ 0.58 $ 0
Diluted weighted average common shares (in thousands) 475,448 621,414
Cash dividends declared per common share $ 0 $ 0
v3.21.1
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenue from affiliates $ 3,406 $ 3,488
Programming and other direct costs from affiliates 2,228 2,189
Other operating expenses from affiliates $ 3,179 $ 3,941
v3.21.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net income (loss) $ 278,539 $ (1,538)
Defined benefit pension plans:    
Unrecognized actuarial gain (loss)   (13,469)
Applicable income taxes   3,598
Unrecognized gain (loss) arising during period, net of income taxes 6,906 (9,871)
Settlement loss (gain) included in other expense, net   502
Applicable income taxes   (134)
Settlement loss (gain) included in other expense, net, net of income taxes (550) 368
Foreign currency translation adjustment   (424)
Applicable income taxes   0
Foreign currency translation adjustment, net 619 (424)
Other comprehensive income (loss) 6,975 (9,927)
Comprehensive income (loss) 285,514 (11,465)
Comprehensive loss (income) attributable to noncontrolling interests   680
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders $ 281,111 $ (10,785)
v3.21.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Parent [Member]
Member's Equity (Deficiency)
Accumulated Deficit
Treasury Stock
Accumulated Other Comprehensive Income
Noncontrolling Interests
Common Class A
Common Stock
Common Class B
Common Stock
Beginning balance at Dec. 31, 2019 $ 2,279,262 $ 2,269,964 $ 2,039,918   $ (163,904) $ (3,250) $ 9,298 $ 4,572 $ 1,862
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders (858)     $ (858)       (858) 0
Net loss (income) attributable to noncontrolling interests 680           680    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax 9,503 9,503       9,503      
Foreign currency translation adjustment, net (424) (424)       (424)      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,370 27,370 27,370            
Redeemable equity vested 29,479 29,479 29,479            
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 13,260 13,260 13,260            
Class A shares acquired through share repurchase program and retired (749,998) (749,998) (749,686)         (312)  
Stock Issued During Period, Value, New Issues 2,507 2,507     11        
Other             4,302    
Ending balance at Mar. 31, 2020 1,590,415 1,581,797 1,362,836   (163,893) (13,177) 8,618 4,261 1,862
Beginning balance at Dec. 31, 2020 (1,203,139) (1,141,030) 0 (985,641) (163,866) 3,646 (62,109) 2,972 1,859
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income (loss) attributable to Altice USA, Inc. stockholders 274,136 274,136   274,136          
Net loss (income) attributable to noncontrolling interests (4,403)           (4,403)    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (6,356) (6,356)       6,356      
Foreign currency translation adjustment, net 619 619       619      
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,964 27,964   27,964          
Redeemable equity vested 20,131 20,131   20,131          
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock 2,528 2,528   2,528          
Class A shares acquired through share repurchase program and retired (522,673) (522,673)   (522,521)       (152)  
Conversion of Class B to Class A shares               1 (1)
Stock Issued During Period, Value, New Issues 2,044 2,044 2,495 2,037 6     1  
Other 58 (4,244) 0 (4,244)          
Ending balance at Mar. 31, 2021 $ (1,387,573) $ (1,334,169) $ 0 $ (1,185,610) $ (163,860) $ 10,621 $ (53,404) $ 2,822 $ 1,858
v3.21.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 278,539 $ (1,538)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization (including impairments) 434,857 547,569
Loss (gain) on investments and sale of affiliate interests, net (73,453) 455,473
Gain (Loss) on Price Risk Derivative Instruments Not Designated as Hedging Instruments 53,565 (439,861)
Amortization of deferred financing costs and discounts (premiums) on indebtedness 23,039 23,944
Share-based compensation expense 28,281 27,946
Deferred income taxes 29,165 30,225
Decrease in right-of-use assets 10,816 11,474
Provision for doubtful accounts 11,133 19,880
Other 1,074 1,849
Change in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable, trade 55,293 (4,458)
Prepaid expenses and other assets (26,321) (34,800)
Amounts due from and due to affiliates 4,627 3,894
Accounts payable and accrued liabilities (29,696) (165,728)
Deferred revenue 38,501 (5,153)
Liabilities related to interest rate swap contracts (89,798) 122,849
Net cash provided by operating activities 749,622 593,565
Cash flows from investing activities:    
Capital expenditures (212,791) (299,082)
Other, net 2,143 1,339
Net cash used in investing activities (210,648) (297,743)
Cash flows from financing activities:    
Proceeds from long-term debt 150,000 0
Repayment of long-term debt (225,863) (18,183)
Proceeds from collateralized indebtedness and related derivative contracts, net 185,105 0
Repayment of collateralized indebtedness and related derivative contracts, net (185,105) 0
Principal payments on finance lease obligations (18,330) (5,700)
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program (503,645) (726,005)
Other (393) 2,915
Net cash used in financing activities (597,445) (752,803)
Net decrease in cash and cash equivalents (58,471) (456,981)
Effect of exchange rate changes on cash and cash equivalents 620 (424)
Net decrease in cash and cash equivalents (57,851) (457,405)
Cash, cash equivalents and restricted cash at beginning of year 278,686 702,160
Cash, cash equivalents and restricted cash at end of period $ 220,835 $ 244,755
v3.21.1
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 220,571 $ 278,422
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 376,155 442,581
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 221,819 200,252
Amounts due from affiliates 3,795 4,262
Derivative contracts 8,252 50,785
Total current assets 830,856 976,566
Property, plant and equipment, net 5,843,572 5,805,996
Right-of-use operating lease assets 234,358 241,342
Investment securities pledged as collateral   2,250,854
Derivative contracts 0 4,774
Other assets 92,137 87,429
Amortizable intangible assets, net of accumulated amortization 2,616,017 2,781,116
Indefinite-lived cable television franchises 13,068,017 13,068,017
Goodwill 8,160,566 8,160,566
Total assets 33,169,831 33,376,660
Current Liabilities:    
Accounts payable 879,032 795,576
Interest payable 233,968 252,060
Accrued employee related costs 104,220 142,116
Amounts due to affiliates 12,698 8,538
Deferred revenue 153,032 109,798
Debt 1,258,055 1,245,713
Other current liabilities 550,263 544,302
Total current liabilities 3,191,268 3,098,103
Other liabilities 172,766 192,563
Deferred tax liability 5,037,625 5,006,167
Liabilities under derivative contracts 472,402 523,150
Right-of-use operating lease liability 248,758 257,424
Long-term debt, net of current maturities 25,431,481 25,476,629
Total liabilities 34,554,300 34,554,036
Commitments and contingencies (Note 16)
Redeemable equity 3,104 25,763
Limited Liability Company (LLC) Members' Equity [Abstract]    
Accumulated other comprehensive income (loss) 10,621 3,646
Noncontrolling interests (53,404) (62,109)
Total liabilities and stockholders' deficiency 33,169,831 33,376,660
Customer Relationships [Member]    
Current Assets:    
Amortizable intangible assets, net of accumulated amortization 2,433,901 2,573,856
Other Intangible Assets [Member]    
Current Assets:    
Amortizable intangible assets, net of accumulated amortization 18,853 20,366
CSC Holdings    
Current Assets:    
Cash and cash equivalents 220,214 277,938
Restricted cash 264 264
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677) 376,155 442,581
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14) 221,819 200,252
Amounts due from affiliates 3,795 4,262
Derivative contracts 8,252 50,785
Total current assets 830,499 976,082
Property, plant and equipment, net 5,843,572 5,805,996
Right-of-use operating lease assets 234,358 241,342
Investment securities pledged as collateral 2,324,308 2,250,854
Derivative contracts 0 4,774
Other assets 92,137 87,429
Amortizable intangible assets, net of accumulated amortization 2,616,017 2,781,116
Indefinite-lived cable television franchises 13,068,017 13,068,017
Goodwill 8,160,566 8,160,566
Total assets 33,169,474 33,376,176
Current Liabilities:    
Accounts payable 879,032 795,576
Interest payable 233,968 252,060
Accrued employee related costs 104,220 142,116
Amounts due to affiliates 12,698 8,538
Deferred revenue 153,032 109,798
Debt 1,258,055 1,245,713
Other current liabilities 530,853 543,834
Total current liabilities 3,171,858 3,097,635
Other liabilities 172,766 192,563
Deferred tax liability 5,065,438 5,033,980
Liabilities under derivative contracts 472,402 523,150
Right-of-use operating lease liability   257,424
Long-term debt, net of current maturities 25,431,481 25,476,629
Total liabilities 34,562,703 34,581,381
Redeemable equity 3,104 25,763
Limited Liability Company (LLC) Members' Equity [Abstract]    
Membership interest before accumulated comprehensive loss (1,353,550) (1,172,505)
Accumulated other comprehensive income (loss) 10,621 3,646
Membership equity before noncontrolling interest (1,342,929) (1,168,859)
Noncontrolling interests (53,404) (62,109)
Total Equity (Deficiency) (1,396,333) (1,230,968)
Total liabilities and stockholders' deficiency $ 33,169,474 $ 33,376,176
v3.21.1
CSC HOLDINGS - CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Accounts receivable, trade allowance for doubtful accounts   $ 25,198
Property, plant and equipment, accumulated depreciation $ 6,639,771 6,431,843
Amortizable intangible assets, accumulated amortization 4,574,426 4,409,312
CSC Holdings    
Accounts receivable, trade allowance for doubtful accounts 22,395 25,198
Property, plant and equipment, accumulated depreciation 6,639,771 6,431,843
Amortizable intangible assets, accumulated amortization $ 4,574,426 $ 4,409,312
Members' Equity 100 100
Common Unit, Outstanding 100 100
v3.21.1
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue (including revenue from affiliates of $3,406 and $3,488 respectively) (See Note 15) $ 2,478,821 $ 2,450,256
Operating expenses:    
Programming and other direct costs (including charges from affiliates of $2,228 and $2,189 respectively) (See Note 15) 851,864 864,514
Other operating expenses (including charges from affiliates of $3,179 and $3,941 respectively) (See Note 15) 580,433 582,309
Restructuring and other expense 3,209 7,294
Depreciation and amortization (including impairments) 434,857 547,569
Total operating expenses 1,870,363 2,001,686
Operating income 608,458 448,570
Other income (expense):    
Interest expense (316,339) (365,211)
Interest income 27 1,659
Gain (loss) on investments and sale of affiliate interests, net 73,453 (455,473)
Loss on equity derivative contracts, net (53,565) 439,861
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the 2020 period in connection with the early termination of the swap agreements discussed below 75,653 (54,832)
Other income, net 2,859 923
Total other income (expense) (217,912) (433,073)
Income before income taxes 390,546 15,497
Income Tax Expense (Benefit) (112,007) (17,035)
Net income 278,539 (1,538)
Net loss (income) attributable to noncontrolling interests (4,403) 680
Net income attributable to CSC Holdings, LLC sole member 274,136 (858)
CSC Holdings    
Revenue (including revenue from affiliates of $3,406 and $3,488 respectively) (See Note 15) 2,478,821 2,450,256
Operating expenses:    
Programming and other direct costs (including charges from affiliates of $2,228 and $2,189 respectively) (See Note 15) 851,864 864,514
Other operating expenses (including charges from affiliates of $3,179 and $3,941 respectively) (See Note 15) 580,433 582,309
Restructuring and other expense 3,209 7,294
Depreciation and amortization (including impairments) 434,857 547,569
Total operating expenses 1,870,363 2,001,686
Operating income 608,458 448,570
Other income (expense):    
Interest expense (316,339) (365,211)
Interest income 27 1,659
Gain (loss) on investments and sale of affiliate interests, net 73,453 (455,819)
Loss on equity derivative contracts, net (53,565) 439,861
Gain (loss) on interest rate swap contracts, net of a gain of $74,835 recorded in the 2020 period in connection with the early termination of the swap agreements discussed below 75,653 (54,832)
Other income, net 2,859 923
Total other income (expense) (217,912) (433,419)
Income before income taxes 390,546 15,151
Income Tax Expense (Benefit) (112,007) (5,029)
Net income 278,539 10,122
Net loss (income) attributable to noncontrolling interests (4,403) 680
Net income attributable to CSC Holdings, LLC sole member $ 274,136 $ 10,802
v3.21.1
CSC HOLDINGS - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Revenue from affiliates $ 3,406 $ 3,488
Programming and other direct costs from affiliates 2,228 2,189
Related Party Transaction, Other Operating Expense $ 3,179 $ 3,941
v3.21.1
CSC HOLDINGS - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net income $ 278,539 $ (1,538)
Defined benefit pension and postretirement plans:    
Unrecognized actuarial gain (loss)   (13,469)
Applicable income taxes   3,598
Unrecognized gain (loss) arising during period, net of income taxes 6,906 (9,871)
Settlement loss (gain) included in other expense, net   502
Applicable income taxes   (134)
Settlement loss (gain) included in other expense, net, net of income taxes (550) 368
Foreign currency translation adjustment   (424)
Applicable income taxes   0
Foreign currency translation adjustment, net 619 (424)
Other comprehensive income (loss) 6,975 (9,927)
Comprehensive income (loss) 285,514 (11,465)
Comprehensive loss (income) attributable to noncontrolling interests   680
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders 281,111 (10,785)
CSC Holdings    
Net income 278,539 10,122
Defined benefit pension and postretirement plans:    
Unrecognized actuarial gain (loss) 9,396 (13,469)
Applicable income taxes (2,490) 3,598
Unrecognized gain (loss) arising during period, net of income taxes 6,906 (9,871)
Settlement loss (gain) included in other expense, net (748) 502
Applicable income taxes 198 (134)
Settlement loss (gain) included in other expense, net, net of income taxes (550) 368
Foreign currency translation adjustment 619 (424)
Applicable income taxes 0  
Foreign currency translation adjustment, net 619 (424)
Other comprehensive income (loss) 6,975 (9,927)
Comprehensive income (loss) 285,514 195
Comprehensive loss (income) attributable to noncontrolling interests (4,403) 680
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders $ 281,111 $ 875
v3.21.1
CSC HOLDINGS - CONSOLIDATED STATEMENT OF MEMBER'S EQUITY - USD ($)
$ in Thousands
Total
CSC Holdings
Total Member's Equity (Deficiency)
Total Member's Equity (Deficiency)
CSC Holdings
Noncontrolling Interests
Noncontrolling Interests
CSC Holdings
Member's Equity (Deficiency)
Member's Equity (Deficiency)
CSC Holdings
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
CSC Holdings
Accumulated deficit                 $ 390,766    
Member's Equity (Deficiency)               $ 2,047,397      
Accumulated other comprehensive income                     $ (3,250)
Membership equity before noncontrolling interest       $ 2,044,147              
Noncontrolling interests   $ 9,298                  
Total Equity (Deficiency)   2,053,445                  
Net income attributable to CSC Holdings, LLC sole member $ (858) 10,802   10,802       10,802 (858)    
Net Income (Loss) Attributable to Noncontrolling Interest (680) (680)     $ (680) $ (680)          
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax (9,503) (9,503) $ (9,503) (9,503)           $ (9,503) (9,503)
Foreign currency translation adjustment, net (424) (424) (424) (424)           (424) (424)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,370 27,370 27,370 27,370     $ 27,370 27,370      
Redeemable equity vested 29,479 29,479 29,479 29,479     29,479 29,479      
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock (13,260) (13,260) (13,260) (13,260)     $ (13,260) (13,260)      
Cash distributions to parent   720,350   720,350       720,350      
Intercompany settlement   (150,602)   (150,602)       (150,602)      
Distributions to parent 150,602                    
Accumulated deficit                 389,908    
Member's Equity (Deficiency)               1,257,356      
Accumulated other comprehensive income                     (13,177)
Membership equity before noncontrolling interest       1,244,179              
Noncontrolling interests   8,618       8,618          
Total Equity (Deficiency)   1,252,797                  
Accumulated deficit (985,641)                    
Member's Equity (Deficiency)               (1,172,505)      
Accumulated other comprehensive income 3,646 3,646                 3,646
Membership equity before noncontrolling interest   (1,168,859)   (1,168,859)              
Noncontrolling interests (62,109) (62,109)       (62,109)          
Total Equity (Deficiency)   (1,230,968)                  
Net income attributable to CSC Holdings, LLC sole member 274,136 274,136 274,136 274,136       274,136 274,136    
Net Income (Loss) Attributable to Noncontrolling Interest 4,403 4,403     $ 4,403 4,403          
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Plan Amendments, Net Of Tax 6,356 6,356 6,356 6,356           (6,356) 6,356
Foreign currency translation adjustment, net 619 619 619 619           $ 619 619
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 27,964 27,964 27,964 27,964       27,964 27,964    
Redeemable equity vested 20,131 20,131 20,131 20,131       20,131 20,131    
Adjustments to Additional Paid in Capital, Increase in Carrying Amount of Redeemable Preferred Stock (2,528) (2,528) $ (2,528) (2,528)       (2,528) $ (2,528)    
Cash distributions to parent   501,000   501,000       501,000      
Intercompany settlement   745                  
Distributions to parent 745                    
Stockholders' Equity, Other   (502)   (4,804)   4,302   (4,804)      
Accumulated deficit (1,185,610)                    
Member's Equity (Deficiency)               $ (1,353,550)      
Accumulated other comprehensive income 10,621 10,621                 $ 10,621
Membership equity before noncontrolling interest   (1,342,929)   $ (1,342,929)              
Noncontrolling interests $ (53,404) (53,404)       $ (53,404)          
Total Equity (Deficiency)   $ (1,396,333)                  
v3.21.1
CSC HOLDINGS - CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income $ 278,539 $ (1,538)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization (including impairments) 434,857 547,569
Loss (gain) on investments and sale of affiliate interests, net (73,453) 455,473
Loss (gain) on derivative contracts, net 53,565 (439,861)
Amortization of deferred financing costs and discounts (premiums) on indebtedness 23,039 23,944
Share-based compensation expense 28,281 27,946
Deferred income taxes 29,165 30,225
Decrease in right-of-use assets 10,816 11,474
Provision for doubtful accounts 11,133 19,880
Other 1,074 1,849
Change in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable, trade 55,293 (4,458)
Prepaid expenses and other assets (26,321) (34,800)
Amounts due from and due to affiliates 4,627 3,894
Accounts payable and accrued liabilities (29,696) (165,728)
Deferred revenue 38,501 (5,153)
Liabilities related to interest rate swap contracts (89,798) 122,849
Net cash provided by operating activities 749,622 593,565
Cash flows from investing activities:    
Capital expenditures (212,791) (299,082)
Other, net 2,143 1,339
Net cash used in investing activities (210,648) (297,743)
Cash flows from financing activities:    
Proceeds from long-term debt 150,000 0
Repayment of long-term debt (225,863) (18,183)
Proceeds from collateralized indebtedness and related derivative contracts, net 185,105 0
Repayment of collateralized indebtedness and related derivative contracts, net (185,105) 0
Principal payments on finance lease obligations (18,330) (5,700)
Other (393) 2,915
Net cash used in financing activities (597,445) (752,803)
Net decrease in cash and cash equivalents (58,471) (456,981)
Effect of exchange rate changes on cash and cash equivalents 620 (424)
Net decrease in cash and cash equivalents (57,851) (457,405)
Cash, cash equivalents and restricted cash at beginning of year 278,686 702,160
Cash, cash equivalents and restricted cash at end of period 220,835 244,755
CSC Holdings    
Cash flows from operating activities:    
Net income 278,539 10,122
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization (including impairments) 434,857 547,569
Loss (gain) on investments and sale of affiliate interests, net (73,453) 455,819
Loss (gain) on derivative contracts, net 53,565 (439,861)
Amortization of deferred financing costs and discounts (premiums) on indebtedness 23,039 23,944
Share-based compensation expense 28,281 27,946
Deferred income taxes 29,165 172,835
Decrease in right-of-use assets 10,816 11,474
Provision for doubtful accounts 11,133 19,880
Other 1,074 1,849
Change in assets and liabilities, net of effects of acquisitions and dispositions:    
Accounts receivable, trade 55,293 (4,458)
Prepaid expenses and other assets (26,321) (34,800)
Amounts due from and due to affiliates 3,882 (147,183)
Accounts payable and accrued liabilities (29,611) (165,723)
Deferred revenue 38,501 (5,153)
Liabilities related to interest rate swap contracts (89,798) 122,849
Net cash provided by operating activities 748,962 597,109
Cash flows from investing activities:    
Capital expenditures (212,791) (299,082)
Other, net 2,143 (2,669)
Net cash used in investing activities (210,648) (301,751)
Cash flows from financing activities:    
Proceeds from long-term debt 150,000 0
Repayment of long-term debt (225,863) (18,183)
Proceeds from collateralized indebtedness and related derivative contracts, net 185,105 0
Repayment of collateralized indebtedness and related derivative contracts, net (185,105) 0
Distributions to parent 501,000 720,350
Principal payments on finance lease obligations (18,330) (5,700)
Other 1,465 4,947
Net cash used in financing activities (596,658) (749,180)
Net decrease in cash and cash equivalents (58,344) (453,822)
Effect of exchange rate changes on cash and cash equivalents 620 (424)
Net decrease in cash and cash equivalents (57,724) (454,246)
Cash, cash equivalents and restricted cash at beginning of year 278,202 698,003
Cash, cash equivalents and restricted cash at end of period $ 220,478 $ 243,757
v3.21.1
DESCRIPTION OF BUSINESS AND RELATED MATTERS
3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
DESCRIPTION OF BUSINESS AND RELATED MATTERS DESCRIPTION OF BUSINESS AND RELATED MATTERS
The Company and Related Matters
Altice USA, Inc. ("Altice USA") was incorporated in Delaware on September 14, 2015. Altice USA is majority-owned by Patrick Drahi through Next Alt. S.a.r.l. ("Next Alt").
Altice USA, through CSC Holdings, LLC (a wholly-owned subsidiary of Cablevision Systems Corporation) and its consolidated subsidiaries ("CSC Holdings," and collectively with Altice USA, the "Company"), principally provides broadband communications and video services in the United States. It markets its residential services primarily under two brands: Optimum, in the New York metropolitan area, and Suddenlink, principally in markets in the south-central United States. It operates enterprise services under the brands Lightpath and Altice Business. It delivers broadband, video, telephony services, proprietary content and advertising services to residential and business customers. In September 2019, the Company launched Altice Mobile, a full service voice and data offering, to consumers across its footprint. As these brands are managed on a consolidated basis, the Company classifies its operations in one segment.
The accompanying consolidated financial statements ("consolidated financial statements") of Altice USA include the accounts of Altice USA and its majority-owned subsidiaries and the accompanying consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries. Altice USA is a holding company and has no business operations independent of its CSC Holdings subsidiary, whose operating results and financial position are consolidated into Altice USA. The consolidated balance sheets and statements of operations of Altice USA are essentially identical to the consolidated balance sheets and statements of operations of CSC Holdings, with the following exceptions: Altice USA has additional cash and deferred taxes on its consolidated balance sheet. In addition, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Altice USA. Differences between Altice USA's results of operations and those of CSC Holdings for the three months ended March 31, 2020 primarily include gain on investments and sale of affiliate interests, net and income tax expense recorded by Altice USA.
The combined notes to the consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Altice USA and CSC Holdings. All significant intercompany transactions and balances between Altice USA or CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of consolidated financial statements. Intercompany transactions between Altice USA and CSC Holdings are not eliminated in the CSC Holdings consolidated financial statements, but are eliminated in the Altice USA consolidated financial statements.
The financial statements of CSC Holdings are included herein as supplemental information as CSC Holdings is not an SEC registrant.
v3.21.1
BASIS OF PRESENTATION
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Basis of Presentation and Significant Accounting Policies [Text Block] BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information.  Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements.
The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2020.
The financial statements presented in this report are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.
The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2021.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates. See Note 12 for a discussion of fair value estimates.
v3.21.1
COMMON STOCK
3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]  
Common stock COMMON STOCK
Share Repurchase Plan
In June 2018, the Board of Directors of Altice USA authorized a share repurchase program of $2,000,000, and on July 30, 2019, the Board of Directors authorized a new incremental three-year share repurchase program of $5,000,000 that took effect following the completion in August 2019 of the $2,000,000 repurchase program. In November 2020, the Board of Directors authorized an additional incremental $2,000,000 of share repurchases bringing the total amount of cumulative share repurchases authorized to $9,000,000. Under these repurchase programs, shares of Altice USA Class A common stock may be purchased from time to time in the open market and may include trading plans entered into with one or more brokerage firms in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934. Size and timing of these purchases will be determined based on market conditions and other factors.  
For the three months ended March 31, 2021, Altice USA repurchased an aggregate of 15,179,697 shares for a total purchase price of approximately $522,673. From inception through March 31, 2021, Altice USA repurchased an aggregate of 277,093,742 shares for a total purchase price of approximately $7,526,443. These acquired shares were retired and the cost of these shares was recorded in stockholders' deficiency in the consolidated balance sheet of Altice USA.  As of March 31, 2021, Altice USA had approximately $1,473,557 of availability remaining under the incremental share repurchase program and had 461,977,407 combined Class A and Class B shares outstanding.
Common Stock of Altice USA
The following table provides details of Altice USA's shares of common stock outstanding:
 Shares of Common Stock Outstanding
 Class A
Common Stock
Class B
Common Stock
Balance at December 31, 2020290,573,672 185,895,903 
Conversion of Class B common stock to Class A common stock97,510 (97,510)
Option exercises104,365 — 
Repurchase and retirement of Class A common shares in connection with the Company's share repurchase plan (discussed above)(15,179,697)— 
Treasury shares reissued583,164 — 
Balance at March 31, 2021276,179,014 185,798,393 
v3.21.1
Revenue Recognition and Deferred Revenue
3 Months Ended
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer REVENUE
The following table presents the composition of revenue:
Three Months Ended March 31,
20212020
Broadband$970,571 $885,529 
Video905,834 947,061 
Telephony106,981 125,030 
Residential revenue